Coinbasehas removed a major hurdle for US customers purchasing Bitcoin via bank
transfer, cutting the waiting period from 3-5 days to “instantly.”
Excited to announce instant digital currency purchases using a US bank accountblog.coinbase.com/announcing-ins…
“Previously, customers who purchased using a
bank account had to wait several days before receiving their digital currency,”
the post clarifies.
“Customers can now buy up to $25,000[...] and receive access to their digital currency immediately.”
Under the
previous setup, customers would agree an exchange rate and take the risk
associated with fluctuating prices in the five-day period prior to receiving
their coins. On social media, users frequently reported waiting up to double
the time stated by Coinbase itself.
The stakes
are now higher for Coinbase’s coffers, the company is also taking on exposure
from coins cleared off its books prior to the equivalent fiat payment reaching
its account.
Zach
Abrams, head of product, was quoted by TechCrunch as saying:
“Coinbase uses proprietary fraud prevention systems it has developed over the last five years, to determine how this instant purchase feature is rolled out to groups of customers, and that the customers with access to this feature have sufficient balance in their bank account with good purchase history.”
Around
15,000 account holders will receive the instant buy function initially, with a
wider rollout coming later.
Source : Cointekegraph
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